Naira appreciates to N1,730 as FX trading on Bloomberg BMatch system begins

The naira on Monday appreciated against the dollar at the parallel market as the first foreign exchange (FX) trading day held today on the Electronic Foreign Exchange Matching System (EFEMS) via the Bloomberg BMatch System.

The local currency gained N20 as the dollar traded at the rate of N1,730 as against N1,750 on Friday at the parallel market, also known as black market.

The Central Bank of Nigeria (CBN), on Tuesday last week issued a directive mandating all banks in the interbank foreign exchange market to transition to the Bloomberg BMatch system for FX trading.

The implementation, which went live today, is designed to boost the operational efficiency and transparency of the nation’s FX market.

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At the official foreign exchange market, the naira depreciated by 1.69 percent as the dollar was quoted at N1,672.69 on Friday compared to N1,644.86 on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Foreign exchange reserves reached a 34-month high in November, closing at $40.2 billion despite a slight dip towards the end of the month, according to a report by Afrinvest Securities Limited. This represents a 1.1 percent month-on-month growth, equivalent to an increase of $436.2 million.

In the NAFEM window, average daily turnover rose by 16 percent month-on-month to $365.2 million. Consequently, the Naira appreciated by 0.2 percent and 0.3 percent month-on-month against the U.S. dollar, trading at N1,672.69/$1.00 in the NAFEM window and N1,720.00/$1.00 in the parallel market.

Looking ahead to December, the Naira is expected to maintain its positive trajectory, supported by improved sentiment, bolstered reserves, and enhanced market liquidity. Afrinvest anticipates that the Naira will continue to trade within similar ranges, provided there are no unexpected disruptions.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.